<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> JUN-30-1997 <CASH> 330,437 <SECURITIES> 1,388,157 <RECEIVABLES> 000 <ALLOWANCES> 000 <INVENTORY> 000 <CURRENT-ASSETS> 000 <PP&E> 000 <DEPRECIATION> 000 <TOTAL-ASSETS> 28,549,304<F1> <CURRENT-LIABILITIES> 000 <BONDS> 000 <PREFERRED-MANDATORY> 000 <PREFERRED> 000 <COMMON> 000 <OTHER-SE> 28,345,462 <TOTAL-LIABILITY-AND-EQUITY> 28,549,304<F2> <SALES> 000 <TOTAL-REVENUES> 27,044<F3> <CGS> 000 <TOTAL-COSTS> 000 <OTHER-EXPENSES> 106,497<F4> <LOSS-PROVISION> 000 <INTEREST-EXPENSE> 000 <INCOME-PRETAX> 000 <INCOME-TAX> 000 <INCOME-CONTINUING> 000 <DISCONTINUED> 000 <EXTRAORDINARY> 000 <CHANGES> 000 <NET-INCOME> (571,570)<F5> <EPS-PRIMARY> (15.50) <EPS-DILUTED> 000 <FN> <F1>Included in total assets is Investments in Local Limited Partnerships of $26,273,333, Restricted cash of $509,093, Organizational costs, net of $16,667 and Other assets of $31,617. <F2>Total liability and equity includes Accounts payable to affiliate of $168,861 and Accrued expenses of $34,981. <F3>Total revenue includes Investment of $26,319 and Other of $725. <F4>Included in Other Expenses is Asset Management fees, related party of $49,609, General and administrative of $46,904, and Amortization of $9,984. <F5>Net loss includes Equity in losses of Local Limited Partnerships of $492,117. </FN>